CP25/31: The framework for a UK equity consolidated tape

What Changed

• - CTP Obligations: Proposed rules establish core regulatory requirements for CTPs, including governance, operational resiliency, data collation/distribution, competitive pricing, and simple licensing structures to ensure accessibility and affordabili
• Data Contributor Obligations: Trading venues and Approved Publication Arrangements (APAs) must provide trade data (e.g., prices, volumes) to the CTP, covering trades across venues and OTC equity transactions.
• Scope and Outcomes: CT focuses on post-trade data initially (with trade-offs on pre-trade inclusion); seeks to increase UK equity data usage, improve liquidity visibility, support innovation, and lower entry barriers for brokers/investment managers.
• Authorisation and Procurement: Streamlined process for CTP authorisation; FCA to run procurement for operator selection, balancing speed with robustness.
• Evidence-Based Design: Addresses complexities like number of CTPs, revenue sharing, resiliency standards; follows prior feedback from CP23/15 and Europe Economics report.

Suggested Considerations

• Respond to Consultation: Submit feedback by 13/02/2026 via FCA online form, email (equityct@fca.org.uk), post, or phone (020 7066 9758); focus on design trade-offs like pre-trade data, CTP numbers, revenue sharing, resiliency.
• Data Readiness: Trading venues/APAs assess internal systems for mandatory data provision to CTP (e.g., trade prices/volumes); prepare for authorisation/procurement processes if pursuing CTP status.
• Monitor Updates: Review full CP PDF (https://www.fca.org.uk/publication/consultation/cp25/31.pdf), January 2026 CBA methodology note, and linked docs like CP23/15, Europe Economics report, CP25/20.
• Engage Stakeholders: Potential CTPs express interest via FCA opportunities; data users provide input on accessibility/pricing.
• Compliance Mapping: Map proposals to existing DRSP/venue rules under FSMA 2023 and repealed DRSRs.

Who is Affected